Bank of America will wait for the Dutch Supreme Court’s decision to take further action against Dutch-based banking giant ABN AMRO.
ABN AMRO had sold its American arm LaSalle bank, to Bank of America for $21 billion, but RBS-led ongoing takeover battle for the ABN AMRO, spread the dark clouds over the deal.
In the biggest takeover battle of banking history, RBS-led consortium has offered €71.1billion ($95.6billion) including LaSalle bank, which toppled the offer off other British suitor Barclays Plc, who valued the bank asserts at 63.8 billion euros.
RBS-led group seeks full deal including LaSalle bank, whereas ABN AMRO has sold its American arm in the ongoing takeover process. RBS-led consortium raised their eyebrows over the deal and finally Dutch Supreme Court intervenes and blocked the signed deal.
In May, a Dutch court had frozen the sale and sends it to shareholders consent. Bank of America has appealed the ruling, accusing the court of unlawful action by blocking the sale and threatened ABN AMRO for paying compensation. Both suitor also try to solve the dispute through the negotiation, but all afford went in vein.
The Dutch Supreme Court still has keep the decision and now it’s expecting that court will rule late this month or early July on whether ABN AMRO, the Netherlands’ biggest bank, can proceed with the sale of LaSalle Bank.
Image: Dept
Via: Reuters
